US Stocks Tumble as Bond Yields Rise to Highest Levels in Years

The US stock market is under pressure from the bond market, with yields at their highest levels in years. The S&P 500 slipped 0.5%, while the Dow Jones Industrial Average dropped 334 points, or 0.6%. The Nasdaq composite was 0.7% lower.

The yield on the 10-year Treasury climbed to 5.15%, its highest level since 2007. This has slowed the overall economy and undercut prices for stocks and other investments.

Meanwhile, oil prices have risen sharply, with Brent crude reaching $102.20 per barrel. This has driven up gasoline prices, with regular gasoline averaging $4.48 per gallon in the US.

The Federal Reserve's decision to raise interest rates last week is also contributing to the market volatility. Traders now see a better-than-even chance of two more rate hikes by the end of the year.